Will the exchange cancel all Chinese users?

[tuertezii]

Following the announcement of the Chinese government to ban Bitcoin;
Huobi.com has issued the most tragic announcement to clear all Chinese users.
Will Binance and OKcoin issue the same notification next?
So will it be followed by the cruelest process of suppressing the price of Bitcoin?

[JohnBitCo]

Following the announcement of the Chinese government to ban Bitcoin;
Huobi.com has issued the most tragic announcement to clear all Chinese users.
Will Binance and OKcoin issue the same notification next?
So will it be followed by the cruelest process of suppressing the price of Bitcoin?

Can you share the link for the Huobi exchange where they mentioned this ?
Also most exchanges have policies that they do not allow people to trade from those countries where government has explicitily ban crypto.
China have ban crypto multiple times before also, i don't know what major they have done this time.

[milewilda]

Following the announcement of the Chinese government to ban Bitcoin;
Huobi.com has issued the most tragic announcement to clear all Chinese users.
Will Binance and OKcoin issue the same notification next?
So will it be followed by the cruelest process of suppressing the price of Bitcoin?

https://www.scmp.com/business/companies/article/3150149/bitcoin-exchanges-binance-and-huobi-stop-taking-mainland-chinese
https://finance.yahoo.com/news/crypto-exchange-stops-taking-china-075036794.html

It had been stated that they are already prohibiting Chinese users and for sure it is just safe to presume on that exchangers like Binance would really
take such same step.They wouldnt really like to get involved on some problems later on if they do try to oppose.

[DdmrDdmr]

Apparently, not only Huobi has acted on blocking new registries made from China, but Binance has already acted in a similar manner.

Be it through IP or phone number, these blocks are in progress on the said Exchanges, and one has to wonder (and many fear) if (and when) the practice will have ramifications into the already existing customers from mainland China. I wouldn't be surprised to see some action taken on these accounts in the short term.


See: https://www.scmp.com/business/companies/article/3150149/bitcoin-exchanges-binance-and-huobi-stop-taking-mainland-chinese

[Mr.Blocker]

I think huobi is not like biance. Huobi company even has a CCP Committee!

[Jawhead999]

Wow it's good news, China always create FUDs about Bitcoin that's not good for Bitcoin space. There's a chance Binance and Okcoin will do same since both of them founded in China even the headquarters isn't in China anymore.

Related or not with the price I don't really care, soon Bitcoin will recover and China FUDs will be useless if all exchange already banning Chinese users.

[tuertezii]

Following the announcement of the Chinese government to ban Bitcoin;
Huobi.com has issued the most tragic announcement to clear all Chinese users.
Will Binance and OKcoin issue the same notification next?
So will it be followed by the cruelest process of suppressing the price of Bitcoin?

https://www.scmp.com/business/companies/article/3150149/bitcoin-exchanges-binance-and-huobi-stop-taking-mainland-chinese
https://finance.yahoo.com/news/crypto-exchange-stops-taking-china-075036794.html

It had been stated that they are already prohibiting Chinese users and for sure it is just safe to presume on that exchangers like Binance would really
take such same step.They wouldnt really like to get involved on some problems later on if they do try to oppose.

Binance is a globally distributed office, and there is no office in China for a long time, and the founder is not a Chinese citizen, but Huobi is a website in China, and the founder cannot leave the country in China. Huobi can't help it.

[tuertezii]

Wow it's good news, China always create FUDs about Bitcoin that's not good for Bitcoin space. There's a chance Binance and Okcoin will do same since both of them founded in China even the headquarters isn't in China anymore.

Related or not with the price I don't really care, soon Bitcoin will recover and China FUDs will be useless if all exchange already banning Chinese users.

Yes, remove China's barriers, and the price of Bitcoin will enter the next bull market faster, otherwise they will always do bad things in September.

[KaliLinux]

Following the announcement of the Chinese government to ban Bitcoin;
Huobi.com has issued the most tragic announcement to clear all Chinese users.
Will Binance and OKcoin issue the same notification next?
So will it be followed by the cruelest process of suppressing the price of Bitcoin?

Will this be like the end for Chinese cryptocurrency traders? Guess not. I believe that there are other exchanges that you don't need KYCs for to start trading and I do some worth understand that along with these changes, traders can also use VPN. Anyways, I feel for them because their government is trying to cut them off crypto but if it will bring calmness to the crypto space, I guess that's what it is.   

[avikz]

For international exchanges without a footprint in China, it's most unlikely to happen. They wouldn't definitely want to losse customers. Houbi was founded in China and possibly have some Chinese connections. But that's not going to force other exchanges to follow the same path.

But Chinese government has their own great firewall which may ban any crypto exchanges in their country. So either way the Chinese people would be forced to leave the crypto market. I would say, it's good in long run!

[cryptoaddictchie]

Following the announcement of the Chinese government to ban Bitcoin;
Huobi.com has issued the most tragic announcement to clear all Chinese users.
Will Binance and OKcoin issue the same notification next?
So will it be followed by the cruelest process of suppressing the price of Bitcoin?

Binance did already too. Actually this is a good move. They always make fud about crypto, if they really dont want to get affiliated with it, then so be it. China will realize how stupid their decisions are when they saw the market of crypto improving.

Im sure other exchanges will also follow, just pity for those who arent anti crypto on China. They are being dragged by their shitty government.

[Jating]

Following the announcement of the Chinese government to ban Bitcoin;
Huobi.com has issued the most tragic announcement to clear all Chinese users.
Will Binance and OKcoin issue the same notification next?
So will it be followed by the cruelest process of suppressing the price of Bitcoin?

Will this be like the end for Chinese cryptocurrency traders? Guess not. I believe that there are other exchanges that you don't need KYCs for to start trading and I do some worth understand that along with these changes, traders can also use VPN. Anyways, I feel for them because their government is trying to cut them off crypto but if it will bring calmness to the crypto space, I guess that's what it is.   

Could be, by there is a huge risk involved by using VPN or something to circumvent that ban.

I guess it's better for Chinese traders to get out of country if they can and then move to a country wherein crypto trading is not being ban. The price has been affected already, we are are in the $41k'ish, however, no need to worry about this news, when everything settles down, we will bounce back from this news. Just sad that one of the biggest market is being controlled by their government.

[Harriett]

Following the announcement of the Chinese government to ban Bitcoin;
Huobi.com has issued the most tragic announcement to clear all Chinese users.
Will Binance and OKcoin issue the same notification next?
So will it be followed by the cruelest process of suppressing the price of Bitcoin?

Will this be like the end for Chinese cryptocurrency traders? Guess not. I believe that there are other exchanges that you don't need KYCs for to start trading and I do some worth understand that along with these changes, traders can also use VPN. Anyways, I feel for them because their government is trying to cut them off crypto but if it will bring calmness to the crypto space, I guess that's what it is.   

I think Chinese users will start to use decentralized exchanges for transactions on a large scale.This is undoubtedly good news for decentralized exchanges like uni sushi.

[GreatArkansas]

Is this possible that ALL exchanges will follow? If YES, the rise of decentralized exchanges will probably start a new trend or P2P transactions will start to rise.
I am hoping that this will be just temporary, but if this will be permanent, overall it will still not affect Bitcoin at all for the long term. This is China's loss not for Bitcoin.

[noormcs5]

Wow it's good news, China always create FUDs about Bitcoin that's not good for Bitcoin space. There's a chance Binance and Okcoin will do same since both of them founded in China even the headquarters isn't in China anymore.

Related or not with the price I don't really care, soon Bitcoin will recover and China FUDs will be useless if all exchange already banning Chinese users.

Binance has also announced that they are banning new users from china to create an account on their exchange. Now every exchange will follow the same.
https://twitter.com/CryptoWhale/status/1441948158913875973

[tabas]

Can you share the link for the Huobi exchange where they mentioned this ?

I can't see the actual blog from them but there are news that are posted on the web.
Huobi Exchange Stops Accepting Chinese Users After Crypto Crackdown

[Wexnident]

I reckon it wouldn't be that far along before other centralized exchanges follow the measures done by Huobi and Binance. It's nothing really unexpected tbh, it's just centralized stuff being centralized, they can't exactly be against it after all. Still, I don't think it's enough to stop investors themselves from actually trading Crypto, maybe those that are small-time traders but the whale ones? Really unlikely. They themselves know about the profit they could gain in trading crypto after all.

[Wendy Simth]

It's too unfair for Chinese people who want to invest in cryptocurrency. I hope they can find a way to deal with such tough measures as soon as possible.

[Kakmakr]

You know, there are several ways to bypass these Chinese bans on Crypto currencies. There are millions of Chinese citizens with family and friends that are working or living in other countries where Bitcoin is legal. They will simply do direct Bitcoin transfers to these people and then ask them to push the coins through "legal" exchanges in other countries.

One thing about Chinese citizens is this.... "They know how to circumvent restrictions from their government" ..... and they are clever enough to get away with it. ( I know several Chinese people that are working in my country and they are very clever )  

[Easteregg69]

If transactions is illegal and holding is not then what about swapping paper wallet?

I think that question perfectly on topic.

If you make something illegal people will find a way around it. Plan could be to raise overall Chinese IQ by obstruction.

After I comes.. Have a great day all.

Houbi is kicking and Binance limits access for new users.